Treasury Secretary Scott Bessent told private investors during a meeting on Tuesday that the spiraling trade war between the United States and China was unsustainable and that he expects a "de-escalation" soon, according to a report from the Associated Press (AP). Newsweek has reached out to the White House for comment on Tuesday.

President Trump said 145% tariffs on Chinese imports will "come down substantially" as his administration expressed optimism about a trade deal.

President Donald Trump on Tuesday conceded that the 154 percent tax Americans currently pay for most imported goods from China will come down as a result of trade talks between Washington and Beijing.